S&P 500 rises to a fresh record as financials lead, JPM says consumers have troughed

The S&P 500 is up 28 points, or 0.5%, to 5808 in a rise to a fresh record high. The jump at the open bucks futures that were negative shortly before the open.

A big tailwind is in financials as J.P. Morgan shares rise 4.5% following earnings.

Commentary in the conference call was moderately upbeat from the CFO:

“We’re pretty much in the trough right now as we speak. When you look at yield-seeking behaviour, that has come down quite a bit so that’s no longer a headwind. When you look at checking account balances those have been pretty stable for some time so we can see that consumers are kind of done spending down their cash buffers, so that’s kind of supportive for consumer deposit balances.”

Shares of Wells Fargo are also up 5.5% following earnings.

This article was written by Adam Button at www.forexlive.com.